Daily Brief Health Care: Hangzhou Kangji Medical Instrument Co., Ltd., Personalis Inc, Cadrenal Therapeutics , FunPep Co Ltd, hVIVO plc, Myungin Pharmaceutical, Santen Pharmaceutical, Anges Mg Inc, Soligenix , BioLine RX and more

• For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
• The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6028-6059.
• For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
• Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026

• On September 15, 2025, Cadrenal Therapeutics, Inc. (CVKD) announced the acquisition of assets from eXIthera Pharmaceuticals that includes a portfolio of intravenous (IV) and oral Factor XIa inhibitors.
• The lead asset, frunexian, is a first-in-class, Phase 2-ready, IV Factor XIa inhibitor that is designed for the acute care setting where coagulation by medical devices occurs (e.g., cardiopulmonary bypass, catheter thrombosis, etc.).
• In exchange for the portfolio, eXIthera will receive milestone payment totaling up to $15 million based upon future clinical and regulatory milestones along with royalties on global sales following commercialization.

Key points (machine generated)

• FunPep, established in 2013, develops pharmaceuticals based on functional peptides as alternatives to antibody drugs.
• The company is conducting a Phase 1 clinical trial for its hay fever vaccine ‘FPP004X’ with 93 subjects, starting in March 2025.
• The trial evaluates safety, tolerability, and immunogenicity, with results expected in the second half of 2026.

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• 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
• The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
• In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group’s own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.

• Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
• It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
• In this note, we talk about the firm’s trading dynamics.

• Santen Pharmaceutical (4536 JP) witnessed revenue drop while core operating profit and net profit saw decline in Q1FY26. China and Asia remain key amid overseas business decreasing 6%.
• Santen reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY).
• Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.

Key points (machine generated)

• AnGes, founded in 1999, develops gene therapies for diseases with no effective treatments.
• The company anticipates manufacturing and marketing approval for its HGF gene therapy by 2027.
• AnGes acquired EmendoBio Inc. in 2020 and established a clinical research lab in 2021 to enhance its capabilities.

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• On September 29, 2025, Soligenix, Inc. (SNGX) announced the closing of a previously announced public offering that resulted in gross proceeds of approximately $7.5 million through the sale of 5,555,560 shares of common stock at a price of $1.35 and warrants to purchase up to 5,555,560 shares of common stock at an exercise price of $1.35 per share.
• Following this financing, we estimate that the company has sufficient capital to fund operations through the end of 2026, which is beyond several anticipated key inflection points.
• On September 30, 2025, Soligenix announced the expansion of its European Medical Advisory Board to provide additional strategic guidance as the company advances its Phase 3 trial of HyBryte in the treatment of cutaneous T cell lymphoma (CTCL).

• BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
• The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
• Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.